DGCX granted market license by SCA

This license provides DGCX, the regulatory provision to officially commence trading when it launches on November 22, 2005. SCA recently also issued new set of regulations for regulating commodities exchange and its members.

On the occasion of granting the license, Mr. Abdulla S. Al Turifi, Executive Director of SCA, commented,

"The Emirates Security and Commodities Authority (SCA) is happy to recognise the DGCX as the first self-regulated, gold and commodities exchange in the UAE. The SCA and DGCX have worked together to develop regulations that would ensure the development of this industry while providing proper protection to market participants.The SCA believes that the new regulations will provide that protection and enhance the reputation of the UAE in global markets."

Mr. Framroze Pochara, Chief Executive of DGCX said, "We are delighted to receive the regulatory recognition from SCA and this is a vital milestone in the evolution of DGCX. To bring credibility to the market and to attract reputed and international market participants, the robustness of the Regulator and the regulatory framework plays a very important role. SCA's expertise in regulating multiple exchanges in UAE coupled with strict self regulation by DGCX will provide the highest regulatory standards and ensure transparency and integrity of the market.

In addition to SCA regulation, as a Self Regulatory Organisation (SRO), DGCX has in place a strict code of conduct and thorough set of rules and regulations to govern its members and business at the Exchange." Mr. Pochara added. We appreciate SCA's effort for putting in place a new set of regulations for the commodities market in such a short span of time".

DGCX with the collective experience, credibility and technical expertise of the joint venture partners (DMCC, FTIL and MCX), will provide a formalised exchange environment to the participants. This will minimise their risk on account of price volatility or counter party defaults. The new commodities exchange will further enhance Dubai's credibility as an emerging financial super power. With the launch of DGCX, the financial eco-system made up of banking, stock market and commodities exchange is now complete.